Top of the Street: Hugo Boss, Food delivery, Volkswagen, Porsche
11/10/2019 12:26
A round-up of notable broker activity this morning from Europe's
top-ranked* analysts:
** Jefferies raises Rio Tinto RIO.L to "buy" as its free
cash flow strength should lead to a supportive dividend in weak
markets
** Macquarie cuts Publicis PUBP.PA to "neutral" as the
market pressures continue and the company guided down 2019 and
2020 outlook
** Societe Generale downgrades Hugo Boss BOSSn.DE to
"sell" as its premium positioning and low capital intensity
weigh on growth
** Barclays cuts Danish food ingredients maker Chr Hansen
CHRH.CO to "equal weight". The brokerage says Q4 organic sales
growth was at the bottom of guidance, lowered in June, and that
the company admitted execution could have been better
urn:newsml:reuters.com:*:nL5N26W127
** Kepler Cheuvreux cuts Rheinmetall RHMG.DE to "hold"
INITIATIONS AND REINSTATEMENTS
** Deutsche Bank reinstates Cembra Money Bank CMBN.S with
"hold", citing the Swiss lender's acquisition of consumer
finance company Cashgate and its H1 results urn:newsml:reuters.com:*:nL5N26W0LX
** HSBC starts Takeaway.com TKWY.AS with "buy", says the
company offers the simplest, lowest-risk play in the food
delivery sector urn:newsml:reuters.com:*:nL5N26W0OB
** The brokerage also initiates Just Eat JE.L with "buy",
saying the merger with Takeaway.com is a good strategic match
with the best chance of long-term value creation
** HSBC initiates Delivery Hero DHER.DE with "hold", says
the company offers the greatest growth potential in the European
sector, though the route to profitability is less certain as
many markets are still evolving and remain very competitive
** Goldman Sachs starts coverage of Volkswagen VOWG_p.DE
and Porsche SE PSHG_p.DE with "buy", sees Volkswagen as a
leader in electric vehicles. GS adds that it sees Porsche having
attractive exposure to Volkswagen urn:newsml:reuters.com:*:nL5N26W0KY
** Deutsche Bank names Accor ACCP.PA and NH Hotel Group
NHH.MC as its top picks among hotel stocks, initiating both
with a "buy" rating urn:newsml:reuters.com:*:nL5N26W13J
** HSBC starts Netherlands-based offshore energy company SBM
Offshore SBMO.AS with "buy", says the company has a solid
competitive positioning in the FPSO (floating production) sector
urn:newsml:reuters.com:*:nL5N26W0KR
(*Analyst rankings from Thomson Reuters StarMine. The scale is
from 1-star to 5-star with 5 being the best. Analysts are ranked
on earnings accuracy as well as relative performance of
recommendations over trailing 12-month & 24-month periods.)
((Anna.Rzhevkina@tr.com;
Camille.Raynaud@tr.com))